Student loan: NELFUND disburses N2.5bn as loans for 22,120 students

The Nigerian Education Loan Fund (NELFund), said it has disbursed more than N2.5 billion applied for by 22,120 students to their institutions as fees to 12 schools across the country.

Nasir Ayitogo, spokesperson for NELFUND in a statement on Friday in Abuja, said THE disbursements were made based on each institution’s academic calendar – beginning of session.

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“So far, six of the 12 institutions have received full payment of their institutional fees, covering over 20,000 students.

“The total amount disbursed to these institutions stands at approximately N2,026,163,340. A further six will receive their payments in the coming week.

“These disbursements will ensure that Nigerian students can proceed with their academic activities unimpeded, fostering peace of mind much needed for these students and their families,” he said.

Ayitogo said NELFUND had also commenced the payment of upkeep to students in addition to the institution fees.

According to him, this initiative will provide essential financial support for living expenses as N442 million has been allocated for the month of July.

“The upkeep payments will benefit all 22,120 students across the 12 institutions, with more to come in the coming weeks and months.

Ayitogo said the gesture is in alignment with President Bola Tinubu’s commitment towards enhancing educational opportunities for Nigerians.
He said the strategic effort aimed to ensure that students who really need the funds could continue their education by lowering burden of financial constraints.

“This is reflecting the federal government’s commitment to the overall well-being and academic success of Nigerian students in government institutions.

“These figures highlight NELFUND’s unwavering dedication to ensuring that financial constraints do not impede academic pursuits.

“NELFUND believes that these disbursements will significantly ease the financial burdens on students and their families, enabling them to focus on their studies and future careers”.

Quadri Olaitan